US OPEN: Bears still rule the markets

• Oil Prices decline the most since 1991
• The US Indices suffered another weekly loss despite the emergency intervention of the central bank
• Huge risk-off move stir financial markets

Global equities traded significantly lower last week as the fast-spreading anxiety regarding coronavirus negatively affected financial markets despite significant actions taken by central banks. Today panic is visible both Asia and Europe as all major global indexes are sinking due to a recent decision by Saudi Arabia regarding restrictions on oil production. US equities are also trading lower during today’s open due to ongoing negative sentiment. Taking into consideration the fact that the number of infected cases is still increasing we can expect higher market volatility in the week ahead. With that in mind, US indices might sharply react to any further steps taken by central banks.

Also, good data from China can have a positive impact on the markets, as the country looks to return to work following the initial outbreak and quarantine.

Considered as safe heaven US Dollar went down against the Euro and Japanese Yen while advanced against the more risky Australian and New Zealand Dollars. Emergency interest rate cuts from the Federal Reserve and Bank of Canada failed to calm investors nerves.

US500 went down today following footsteps of other global equity markets. The index is testing price zone at 2811 pts after opening of today’s cash session. If this level holds then we might expect some stabilization. However if the market makes a move below the 2811 pts swing level then the next support level can be found at 2777 pts. Source: xStation5

Tegna (TEGNA.US) shares prices went up 11% in extended trading after gaining 26% during the previous trading session based on speculations that Apollo Global submitted a $20/share all-cash bid. TEGNA has not officially confirmed these news, refusing to comment.

TEGNA (TEGNA.US) - share price is in the middle of the range between $13.18 and $18.17. Any further statements regarding the offer issued by TEGNA’s management may lead to further price movements. Source xStation5

Share prices of OPKO Health (OPK.US) one of the largest clinical labs groups in the US involved in research and commercialization pharmaceutical products, vaccines and diagnostic products gained 13% in post trading session.

OPKO Health (OPK.US) share price is testing the upper limit of the range at $2.52 per share. If the upside bias continue then the next potential level of resistance is located at $3.97 per share. Source xStation5